NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As Tesla Drops 5%

SP500

SP500 is losing ground as traders stay bearish ahead of Fed decision, which will be released tomorrow. Today, traders focused on Building Permits and Housing Starts reports for February. Building Permits decreased by -1.2% month-over-month, compared to analyst forecast of -0.2%. Housing Starts grew by +11.2%, while analysts expected that they would decline by -1.9%. Traders also had a chance to take a look at the Industrial Production report. The report showed that Industrial Production increased by +0.7% month-over-month in February, compared to analyst consensus of +0.2%.The pullback was broad, and most market sectors moved lower in today’s trading session. Basic materials stocks were mostly flat, supported by the strong rally in gold markets.

Currently, SP500 is trying to settle below the support at 5590 – 5600. In case this attempt is successful, SP500 will head towards the next support level, which is located in the 5510 – 5520 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

NASDAQ

NASDAQ pulled back as investors rushed out of leading tech stocks. Tesla, which was down by 5%, was among the biggest losers in the NASDAQ index today. The stock gained downside momentum amid worries about competition from BYD. The Chinese company claimed that its new EV charging system could charge a car for 400 kilometers of range in just five minutes.

If NASDAQ stays below the support at 19,600 – 19,650, it will head towards the next support level, which is located in the 19,100 – 19,150 range.

Dow Jones

Dow Jones is under pressure amid broad pullback in the equity markets. NVIDIA, which is down by 3.2%, is the worst performer in the Dow Jones index today. The stock moved lower as traders reacted to CEO Jensen Huang’s comments at the GTC conference.

A move below the 41,500 level will push Dow Jones towards the nearest support level at 41,100 – 41,200.

For a look at all of today’s economic events, check out our economic calendar.